Brandywine Global Investment Management, LLC

Long Only Manager

Brandywine Global Investment Management, LLC is a Long Only Manager based in Philadelphia, PA led by David Fenno Hoffman, reporting $66.4B in AUM as of Q3 2025 with JPM as the largest holding (3% allocation).

Managing PartnerDavid Fenno Hoffman

Portfolio Value: $14.4B
Positions: 591
Top Holding: JPM at 3.16%
Last Reported: Q3 2025

Address1735 Market Street, Suite 1800, Philadelphia, PA, 19103, United States

Top Holdings

Largest long holdings in Brandywine Global Investment Management, LLC's portfolio (20.4% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 JPMorgan Chase JPM	Banks - Diversified Financial Services	$455.4M	3.16%	+$45.8M Bought	0.05% 1.4M shares	≤ Q2 2013 Held for 12y 5m+
2 Johnson & Johnson JNJ	Drug Manufacturers - General Healthcare	$362.4M	2.52%	-$3.4M Sold	0.08% 2.0M shares	Q3 2014 Held for 11y 2m
3 AT&T T	Telecommunications Services Communication Services	$333.2M	2.31%	+$60.3M Bought	0.17% 11.8M shares	Q3 2016 Held for 9y 2m
4 Bank of America BAC	Banks - Diversified Financial Services	$314.6M	2.19%	-$1.5M Sold	0.08% 6.1M shares	≤ Q2 2013 Held for 12y 5m+
5 Wells Fargo & Company WFC	Banks - Diversified Financial Services	$289.8M	2.01%	+$26.7M Bought	0.11% 3.5M shares	≤ Q2 2013 Held for 12y 5m+
6 Citigroup C	Banks - Diversified Financial Services	$282.2M	1.96%	-$59.1M Sold	0.15% 2.8M shares	≤ Q2 2013 Held for 12y 5m+
7 Comcast CMCSA	Telecommunications Services Communication Services	$264.0M	1.83%	-$2.5M Sold	0.23% 8.4M shares	Q4 2015 Held for 9y 11m
8 CVS Health CVS	Medical - Healthcare Plans Healthcare	$236.5M	1.64%	-$967.9K Sold	0.25% 3.1M shares	Q2 2017 Held for 8y 5m
9 Kroger KR	Grocery Stores Consumer Defensive	$205.5M	1.43%	+$6.2M Bought	0.46% 3.0M shares	Q3 2017 Held for 8y 2m
10 Walt Disney DIS	Entertainment Communication Services	$191.8M	1.33%	-$6.1M Sold	0.09% 1.7M shares	Q3 2020 Held for 5y 2m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Brandywine Global Investment Management, LLC's latest filing

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Increased Positions

Position	Shares Δ	Change
1 Healthpeak Properties DOC	New	0 → 3.4M +$64.8M
2 BioMarin Pharmaceuticals BMRN	New	0 → 906.0K +$49.1M
3 GE HealthCare Technologies GEHC	New	0 → 176.9K +$13.3M
4 Valaris VAL	New	0 → 180.9K +$8.8M
5 Garrett Motion Inc. GTX	New	0 → 512.0K +$7.0M

Decreased Positions

Position	Shares Δ	Change
1 Caterpillar CAT	Sold	624.4K → 0 −$242.4M
2 General Mills GIS	Sold	734.1K → 0 −$38.0M
3 Target TGT	Sold	353.4K → 0 −$34.9M
4 Charter Communications, Inc. CHTR	Sold	83.8K → 0 −$34.3M
5 United Parcel Service, Inc. UPS	Sold	315.0K → 0 −$31.8M

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Analytics

Portfolio insights and performance metrics for Brandywine Global Investment Management, LLC

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Sector Allocation

Financial Services

24.10%

Healthcare

12.40%

Industrials

10.80%

Communication Services

9.40%

Consumer Cyclical

8.70%

Consumer Defensive

8.20%

Technology

7.50%

Energy

6.40%

Utilities

4.30%

Basic Materials

3.30%

Real Estate

1.60%

ETF

0.40%

Market Cap Distribution

Mega Cap (> $200B)

23.08%

Large Cap ($10B - $200B)

59.68%

Mid Cap ($2B - $10B)

11.33%

Small Cap ($300M - $2B)

1.98%

Micro Cap ($50M - $300M)

0.00%

Nano Cap (< $50M)

0.72%

N/A (ETF or Unknown)

3.21%

Portfolio Concentration

Top 10 Holdings %

20.39%

Top 20 Holdings %

31.4%

Top 50 Holdings %

50.84%

Top 100 Holdings %

69.56%